Regional Round-Up
SIA profits slump as fuel costs soar
June 1st 2012
Singapore Airlines (SIA) has posted a 77% fall in its FY2011 operating profit to S$286 million (US$223.37 million) from S$1.27 billion recorded a year ago. Net profit slumped 69.2% to S$336 million. Read More »
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This stems from a 10% rise in the SIA Group expenditure to S$14.6 billion on a 29% higher jet fuel cost, which dwarfed a marginal 2% rise in revenue to S$14.9 billion.
Meanwhile, India’s Jet Airways posted a fifth straight quarterly loss. It reported a tripling in net losses to 2.98 billion rupees (US$53 million) despite a 24% jump in revenue to 46.4 billion rupees.
In a move to cut costs, Jet will sack 72 expatriate pilots and replace them with local flight crew.
